This Commercial Account Agreement contains multiple sections. You can go directly to any section by using the section navigation. Headings are for reference only, while some capitalized terms have specific definitions.

This Agreement should be read in conjunction with other policies referenced and linked to within this Agreement and may be provided upon request.

Please read this Commercial Account Agreement in full, it governs your relationship with us, Zenus Bank International.

This Commercial Account Agreement contains the terms and conditions and disclosures governing your Account with Zenus Bank. By using the Service, you are agreeing to the terms and conditions of this Agreement. These terms apply to any use by you of the Service. We encourage you to read this Agreement carefully.

Some functionality of the Service (including Third Party Services) will involve the collection and transmission of information that personally identifies you (including information that we obtain directly from your computer or device) or your Account Information.

3.1. Completing your application

To help the United States (US) government fight the funding of terrorism and money laundering activities, all financial institutions are required to obtain, verify and record information that identifies every customer. This process is sometimes referred as know your customer or know your client “KYC”. To meet this requirement and comply with the USA Patriot Act, clients must complete our account application process in full. We will retain this Identifying Information with your account details. 

3.2. Your Signature and approval

We operate as a full reserve bank so unlike other banks we do not loan your money to others. As a result, you are protected by the US banking legal framework, but deposited funds are not insured by the Federal Deposit Insurance Company (“FDIC”).

We’ve tried to keep things simple but there are some terms that may need explaining:

Application – The term application shall refer to the process of filling out personal and financial information in order to apply for an account with Zenus Bank.

Authentication – The process we use to identify and verify you are who you say you are and are qualified to apply for or make transactions and requests on an account.

Authentication factor – Secret or unique information linked to a specific customer identifier that is used to verify the customer’s identity (e.g., PIN, voice recognition, face recognition or password).

Blocking accounts and transactions – OFAC blocks the property of targeted countries or special designated nationals. Accounts and transactions related to target countries and special designated nationals will be blocked and asset will be under OFAC control.

Bank Secrecy Act of 1970 (also referred to as “BSA”) – US law that mandates US financial institutions in assisting U.S. government agencies in detecting and preventing money laundering. 

Business Day- Zenus Business Days are Monday through Friday, excluding federal holidays. Although Zenus offers services to the public some Saturdays, Sundays and federal holidays, these dates are not considered Business Days. Zenus’ Business Day schedule and hours are posted and may be subject to change from time to time without previous notice.  

Commercial Account Agreement – This contract detailing the terms under which Zenus shall provide services to you. May also be defined as “Terms and Conditions”, “T&Cs”, “Agreement”.

Closed Account - A closed account is any account that has been deactivated or otherwise terminated, either by the customer, custodian or counterparty. 

Dormant Account - If the account has been inactive for 2 years, it becomes dormant or inoperative. 

Electronic Fund Transfer (“EFT”) – any transfer of funds that is initiated through an electronic terminal, mobile, online, or magnetic tape for the purpose of ordering, instructing or authorizing us to debit or credit your account.

Embargo - An asset seize order by a country, state court or agency.

Identifying Information – Public and non-public information collected during our onboarding process about you.

Inactive Account - If you haven't used your account for any transactions for over 1 year, the account becomes inactive.

Office of Foreign Asset Control (“OFAC”) – Office of the US Department of Treasury that enforces economic and trade sanctions based on US policy.

Person - Any natural or legal person.

Real-Time Gross Settlement (“RTGS”) - A funds transfer system that allows for the instantaneous transfer of money and/or securities. RTGS is the continuous process of settling payments on an individual order basis without netting debits with credits across the books of a central bank. Once completed, real-time gross settlement payments are final and irrevocable.

Regulation E – Regulation E implements the Electronic Fund Transfer Act (EFTA), which establishes a basic framework of the rights, liabilities, and responsibilities of participants in the electronic fund and remittance transfer systems. Effective October 28, 2013, the EFTA was amended by the Dodd-Frank Act to implement a new system of consumer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries.

Request For Information – Our regulatory and compliance obligations require us to have certain information about our client and their transactions. If at any moment we need more information we will send to you a Request. For Information which you must complete and share with us promptly.  

Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) – A network and messaging system used by banks and other financial institutions to send and receive information, such as money transfer instructions. 

Unlawful Internet Gambling Enforcement Act (“UIGEA”) – Law that prohibits gambling businesses from knowingly accepting payments in connection with the participation of another person in a bet or wager that involves the use of the internet and that is unlawful under any federal or state law.

US PATRIOT Act – Means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism. It is a Law that mandates US financial institutions to identify and verify customers and create a system of internal controls to prevent money laundering and terrorism financing. 

Interstate Wire Act of 1961 – US Law that prohibits the operation of certain types of betting businesses.

Visa Direct – A fast, simple and secure way to send personal payments, globally across the Visa network.

Zenus Account – The bank account we provide for you to deposit, hold, make payments and transfers with your money.

Zenus Bank – That’s us, Zenus Bank International, Inc., a Puerto Rico corporation operating under an International Financial Entity supervised by the Office of the Commissioner of Financial Institutions (“OCIF”) with license number IFE-061. May also be defined as “Zenus”, “we”, “us”.

Zenus Services – The Zenus website, online banking or mobile applications are collectively referred to as “Services”.

Book Transfers – Transfers made only between Zenus clients or Zenus bank accounts using the Book Transfer feature.

About your Zenus Account

1. The Account allows to hold, make, send and receive transfers and payments.
2. The money held in the accounts will not earn any interest.
3. You may hold your money in any currencies we support at the time.
4. You may pay, transfer or withdraw your money from your Account at any time subject to the terms set out in this Agreement.
5. The money held in an Account belongs to the person or legal entity which is registered as the Zenus Account holder.
6. You cannot authorize a Person to (1) operate the Account, and/or (2) give payment instructions to us, on your behalf. The Account is a true US bank account and is operated in accordance with the US Bank Secrecy Act, US Patriot Act and OFAC regulations.

6.1. Account applications

To start using our services you must apply for a Commercial Zenus Account. We charge a non-refundable application fee. Please refer to our Commercial Account Charges document. This is used to cover the cost of the due diligence we perform before making a decision on your application. If you believe we have charged you in error, please contact Client Services. 

As part of your application, we will check your information with a consumer report reference agency to validate you are who you say you are and to find out if there is any reason, we cannot offer you an account. By agreeing to these Terms and Conditions, you authorize us to also consult with reference agencies periodically should you update your information such as address, occupation, and employer. 

True and accurate information. All the information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We will not be responsible for any financial loss arising from your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents.

One account per person or entity. You may only open one (1) Zenus Account, unless we have agreed in writing the opening of additional accounts. We may refuse the creation of additional accounts for the same user. Where additional accounts are detected, we may close or merge them at our discretion.

Zenus reserves the right to determine eligibility of an applicant to receive services or products in accordance with US and Puerto Rico law.

7.1. Type of Electronic Fund Transfers

For purposes of this Agreement, the term "Electronic Fund Transfer" refers to payments, deposits, and transfers that you make or receive by electronics methods. These methods include transactions with your card, Wire Transfers, ACH Transfers (including bill payments and direct deposits), and internal transfers to or from another account at the bank.

7.2. Account statements & documentation

We provide an electronic monthly statement that shows all transactions and the dates they were processed. Your account statement can be accessed through Zenus Services. If at any time you wish to receive a paper copy of a bank statement by post, there will be a fee for this service.

When using the Card at an ATM machine or a POS, you should receive a receipt for transactions of more than $15.00.

7.3. Dollar limits and Fee's 

There are some dollar limits and fees that come with our services. This information is disclosed in section "10. Limits you need to be aware of" and section "11. What things will cost" of this Agreement. 

7.4. Stop Payments

1. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how:
   1. Call us at +1 833-936-8711 (US toll-free), and if you call, we may also require you to put your request in writing and get it to us within 14 days after you call, or
   2. please write us [clientservices@zenus.com ] in time for us to receive your request three (3) Business Days or more before the payment is scheduled to be made.
2. If you order us to stop a preauthorized payment three (3) Business Days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
3. Notice of varying amounts: If you have recurring Electronic Fund Transfers set up through another bank or a third party (for example, to pay a bill) and the amounts may vary, the person you are going to transfer funds to will tell you, ten (10) days before each transfer, when it will be made available and how much it will be. You may choose instead to get this notice only when the transfer would differ by more than a certain amount from the previous transfer or when the amount would fall outside certain limits that you set.

7.5. Disclosure of account information to third parties

We will disclose information to third parties about your account or the transfers you make: 

1. Where it is necessary for completing transfers,
2. In connection with the investigation of any claim you initiate.
3. To comply with government agency or court orders.
4. If you give us your written permission, or
5. As permitted by our Privacy Notice.

7.6. Liability of consumers for unauthorised electronic fund transfers 

Tell us AT ONCE if you believe your Account or Card information has been lost, stolen, or believe that an electronic fund transfer has been made without your permission to use information from your account without your authorization. Telephoning is the best way of keeping your possible losses down. If you tell us within two (2) Business Days after you learn of the loss or theft of your card, you can lose no more than $50 if someone used your card without your permission.

If you do NOT tell us within two (2) Business Days after you learn of the loss or theft of your card, and we can prove we could have stopped someone from using your account or card without your permission if you had told us, you could lose as much as $500.

If your statement shows transfers that you did not make, including those made by card or transfer, let us know at once. If you do not tell us within sixty (60) days after the statement was made to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

7.7. Liability for Failure to Complete Electronic Fund Transfers  

If we do not complete an Electronic Fund Transfer to or from your account on time or in the correct amount according to this Agreement, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

• If, through no fault of ours, you do not have sufficient available funds in your account to make the transfer.
• If you have met or exceeded applicable your account services limits according to the Commercial Account Charges Schedule during the monthly statement period for your account.
• If you did not provide us with the correct information to make the transfer.
• If there was an equipment or website malfunction of which you were aware before you sent us the instruction.
• If circumstances beyond our control (such as power failure, fire, or flood) prevent the transfer from occurring, despite reasonable precautions we have taken; or
• If your account has been closed.

There may also be other exceptions not explicitly mentioned in this Agreement or stated elsewhere in this Agreement that may apply.

7.8. Error Resolution or Questions Regarding Electronic Fund Transfers 

In Case of Errors or Questions About Your Electronic Transfers, contact us as soon as possible if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after sending the FIRST statement on which the problem or error appeared. You must:

• Tell us your name and account number
• Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information
• Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) Business Days.

We will determine whether an error occurred within ten (10) Business Days after we hear from you and will correct any error promptly. However, if we need more time, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) Business Days for the amount you think is in error to have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and do not receive it within ten (10) Business Days, we may not credit your account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. We may take up to twenty (20) Business Days to credit your account for the amount you think is in error for new accounts.

We will tell you about the results within three (3) Business Days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation. 

7.9. Contacts

If you believe your card or account has been lost or stolen, call: 

Call as (+1 833-936-8711 (US toll-free)) or write us to clientservices@zenus.com

8.1. Making deposits & receiving transfers

The points below outline how you can and can’t make deposits along with the terms that govern how we process them. 

1. We process deposits in accordance with Regulation CC of the Expedited Funds Availability. Act, please see section 10.14 of this Agreement for details
2. You can fund a Zenus account using the following type of transfers
   1. An internal transfer from another Zenus Membe
   2. Visa Direct
   3. Automatic Clearing House (“ACH”) or Wire transfer.

3. We will not accept, or process check deposits.

4. We do not have our own automated teller machines (“ATM”) and do not permit ATM deposits.

5. We will only credit deposits that comply with our T&Cs.

6. We may reject deposits when the information is incomplete, inconsistent with the information collected during onboarding or it is in breach of any applicable US federal, state or local law, regulation or sanction.

7. You authorize Zenus to use Identifying Information to validate incoming funds and fund your account. Zenus will fund incoming transfers that are identified correctly with the beneficiary’s name, address and account number and the originator name and address along with the originating bank’s name and address.

8. Zenus may return the incoming funds to the originating bank due to a lack of Identifying Information or if the activity is considered suspicious.

9. Zenus may put a deposit on hold if a transaction is considered suspicious under the terms of the BSA, US PATRIOT Act, OFAC regulations, or at Zenus sole discretion.

10. Zenus will not be responsible for any delays in deposits relating to an investigation or validation of Identifying Information or suspicious activity.

11. Deposit account details need to be correct for the selected currency otherwise a currency conversion will be made, and a fee could be incurred. Zenus is not accountable if the client loses funds after a conversion. For example, if a US dollar (“USD”) deposit is being made, the customer must use USD account details.

12. The amount of the incoming funds will be reduced according to the Commercial Account Charges. Zenus will debit of each transfer any applicable charges and will inform the client through email, and push notifications if enabled, every time the account is debited or credited for funds transfers.

13. Zenus will convert deposits received in a foreign currency to USD at the rate on the day the transaction was received. The rate includes Zenus commission for the conversion service.

14. You are responsible for and must return any funds credited to your account mistakenly by Zenus.

15. You are responsible for any costs related to the omission of beneficiary bank details and charges by a correspondent bank.

16. Funds credited by SWIFT are provisional until Zenus receives the final payment of the transaction amount. If final payment is not received, you are responsible for refunding Zenus.

17. A deposit through transfer must be processed and accepted within five (5) days, all incoming wires that exceed five (5) days will be rejected.

18. Clients may call and ask when their deposit will be available.

8.2. Making payments

The points below outline how you can and can’t make payments along with the Terms and Conditions that govern how we process them. 

1. You must have a sufficient funds in your account to make a payment and cover the fees. If a transaction reduces your account balance below zero, the transaction will be rejected.
2. You can make payments through the following services:
   1. Book Transfers
   2. Wire
3. Payments may be rejected for one (1) or more of the following reasons:
   1. Payment instructions are not clear.
   2. Account activity is unusual or does not comply with OFAC sanctions.
   3. Payments exceeds your payment limit.
   4. The client account has been levied or embargoed.

8.3. Returned payments

The following terms apply to returned payments:

1. Zenus is not responsible for fees charged by another bank that returns your payments
2. Zenus is not responsible for losses incurred as a result of currency conversions
3. You are solely responsible for correctly entering benefactor account details so that payment delays and/or loss of funds can be avoided.

8.4. Delays, cancellations & blocked funds

You will be informed of the delay, rejection, cancellation or blocking of a transaction within twenty-four (24) hours of the event through Zenus Services and by email to the primary email address on your account.

Payments may be:   

1. Delayed or cancelled if deemed suspicious with regards to Anti-Money Laundering and the Bank Secrecy Act
2. Delayed, cancelled or blocked due to possible OFAC violations
3. Rejected due to insufficient funds available to process the transaction.

Deposits may be:

1. Delayed or rejected if deemed suspicious with regards to Anti-Money Laundering and the Bank Secrecy Act
2. Delayed, rejected or blocked due to possible OFAC violations

Payments and deposits may be delayed or rejected if Zenus, at its sole discretion, understands that the transactions are related to fraud.

Payment and deposits will be rejected if they violate any of the Terms and Conditions.

8.5. Electronic Fund Transactions

The points below outline the EFTs we support and our terms and conditions for their use. 

1. We process all EFTs in accordance with Regulation E
2. Zenus offers the following electronic services:
   1.  Wires
   2. Book Transfers.

8.6. What you can't use your Account for

1. Funds in your Account cannot be pledged to a third party
2. You cannot use your Account to transfer or receive funds from illegal internet gambling. This is activity defined as betting, receiving, or transmitting a bet that is illegal under federal, state, or tribal law by "UIGEA". We will identify and block any transactions we determine to be associated with illegal internet gambling activity. Clients cannot use the account for illegal activity or for activity that violates any applicable federal, state or local laws or regulations
3. You cannot use your account for activity that is identified as or resembles fraud, money laundering or terrorist financing
4. Clients cannot use their account to take advantage of foreign exchange market (also known as “FX”) discrepancies in the market.

8.7. Overdraft & loans

We do not offer overdraft protection or loans. Negative balances on accounts are not permitted. If we need to take legal action to recover funds, you will be held accountable for the cost of the legal process. Any legal conflict related to this Commercial Account Agreement must be represented in the courts of the Commonwealth of Puerto Rico.

Please refer to our account suspensions, closures and embargos (Section 17) for more information on the consequences of insufficient funds within an account.

To prevent interruption to your Zenus Services, any changes to your address should be made through Client Services as soon as they have come into effect. If you request correspondence by mail, it is your responsibility to ensure we hold the correct postal address for you at the time of posting.

We’ve tried to keep our limits in line with other premium financial service providers:

We’ve tried to keep our fees clear, transparent and equal for all clients. Please refer to our Commercial Account Charges Schedule document for the latest pricing.

11.1. Mantainance fees 

Unlike other banks we do not make money by taking yours and lending it to others. To provide you with our products and services we charge a monthly fee. Here are some important points to know about this fee:

1. Your membership fee will be charged and drawn from your Zenus Account monthly, on the same date your account was opened or the last day of the month (should it be a shorter month).
2. Membership fees can only be paid from your Account. We recommend you set up a standing order or Direct Debit from your domestic bank into your Zenus account to cover this each month.
3. It is your responsibility to ensure there are sufficient funds in your Account to cover your monthly Membership fee.
4. If you owe more than six (6) months in membership fees your account will be suspended. See account suspensions, closures and embargos (Section 17) for more information.
5. Membership needs to be paid in USD, should you hold funds in a different currency we will take the payment at the exchange rate on the day.

11.2. Foreign Exchange Rates 

Zenus Bank uses Institutional Bank Rates to do your currency exchanges. Please refer to our Commercial Account Charges document for the latest pricing.  Note, Zenus:

1. Is not responsible for losses in currency exchange during conversion
2. Is not responsible for charges made by retailer bank conversion.

1. If you do not make any transaction on your account for one (1) year the account will become Inactive.
2. If you do, make any transaction on your account for two (2) years the account will become Dormant.
3. If your account status is Dormant for five (5) years or more the account will be Closed.

Funds will be transferred to Puerto Rico’s Officer of the Commissioner of Financial Institutions. Zenus will not be responsible for the abandoned funds. The funds will be subject to the Regulation of Abandoned and Unclaimed Funds and Assets as provided under Act 26 of 1989 pursuant to the OCIF and may be subject to the laws of abandoned property for the country of your last known address and any other applicable law and regulation. 

1. You may close your account at any time by contacting Client Services and informing us in writing. We will close your account on the month before your subsequent monthly membership fee is due. We will not be responsible of payment orders or deposits once the written notice has been given.
2. You must pay all fees owed to us before we can accept a letter of termination.
3. We will keep your information for a period of five (5) years in accordance with the Bank Secrecy Act and other applicable regulations.

We don’t wish to suspend or close accounts, but these are situations where we have to:

14.1. Account suspension and closures 

1. Zenus will suspend accounts where activity intends to violate US banking laws or any applicable federal, state or local laws or regulations, and/or resembles illegal activity or fraud
2. Zenus will block accounts in accordance with OFAC legal obligations
3. You violate the terms and conditions of this Commercial Account Agreement
4. You owe more than six (6) months in membership fees
5. We will notify you by email to your primary email address that your account has been suspended and the reason for it within twenty-four (24) hours of the suspension starting. It is solely your responsibility to keep your contact information updated
6. To investigate reasons for a suspension or closure we will contact you to ask for further information (an “RFI”). After reviewing the information, we will decide, at our sole discretion, as to whether to unsuspend or close the account
7. If we decide to close your account, we will inform you by the next Business Day and ask where you would like your funds transferred to.

14.2. Account Embargoes

1. Where an account embargo is ordered by a US or Puerto Rico court or other government entity, Zenus may be mandated to block transactions, suspend or turn over an account the court or government authority
2. We will not challenge, question or defend you or anyone acting on your behalf in relation to an embargo order. We will fully comply with the embargo until the court or government authority leaves the embargo order without effect
3. If in dealing with the embargo we incur expenses, we may charge you costs without prior notification
4. We may charge an embargo processing fee. There must be sufficient funds in your account to cover this.

1. Zenus will not be accountable for non-compliance with Terms and Conditions stated, if the reason for non-compliance is due to an event out of Zenus’ control, such as, failure of banking, security or communication services due to power outages, fire, flooding, explosion, pandemic, natural disaster, civil unrest, among others.

2. This Commercial Account Agreement serves as a final contract between Zenus Bank International, Inc. and you the client. You understand and accept that this is a contractual relationship with Zenus, subject to the terms and conditions stated here.

3. You cannot transfer or yield this Agreement or the banking services to another Person or Entity.

4. Zenus reserves the right to cancel, remove or restrict access to products and services at any time without prior notice

5. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the Commonwealth of Puerto Rico and any applicable US federal laws and regulations. Any legal conflict related to this Commercial Account Agreement must be represented in the courts of the Commonwealth of Puerto Rico. By accepting this Agreement, you consent to be subjected to the jurisdiction and venue of the Commonwealth of Puerto Rico.

The following documents are referenced within this Agreement, by acceptance to this Agreement you are also agreeing to them. Unless you make representation to do otherwise: 

Our Privacy Policy – This sets out why we collect information, how we collect it and what we do with it. By using our Services, you consent to our processing of your data and confirm what you provide is truthful and accurate. Please refer to our website for more information about our Privacy Policy. 

Our Cookie Policy – This sets out information about “cookies” and how we use them on our Services. Please refer to our website for more information about our Cookie Policy. 

Our Frequently Asked Questions ("FAQs") – Our Support section sets out detailed answers to the most asked questions. Please refer to our website for more information about our FAQ’s. 

Zenus banking is available 24 hours a day, seven days a week. Services may however not be available for technical and or other reasons without prior notice. Please refer to section 4 under Business Days for more information. 

Client Services operates 9am-6pm Atlantic Standard Time (“AST”), Monday to Friday, excluding federal holidays. Zenus may offer weekend services and, on some holidays, but they are not considered a Business Day. 

You can contact us: at +1 833-936-8711 (US toll-free) or write us to clientservices@zenus.com. 

From time to time, we may change this Agreement. Changes are subject to be made without notice and are at our sole discretion. If we make changes, we will notify you by revising the date and version at the top of this Agreement, and in some cases, we may provide you with additional notice (such as by adding a statement to our website or by emailing you).